Republic of Congo: Staff Report for the 2004 Article IV Consultation and a New Staff-Monitored Program

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 232

Publication date: August 2004

ISBN: 9781451808544

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Topics covered in this book

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Exports and Imports , Taxation - General , Industries - Energy , Public Policy - Social Services and Welfare , ISCR , CR , oil revenue certification , PRGF negotiations , government , implementation of the staff-monitored program , staff appraisal , Congolese authorities , Oil , gas and mining taxes , Oil sector , Arrears , Global

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Summary

This paper examines Congo’s 2004 Article IV Consultation and New Staff-Monitored Program (SMP). In the context of improved security, the pace of economic activity in the non-oil sector has increased. Non-oil real GDP increased by about 10 percent per year on average during 2000–03. Consumer price inflation decelerated significantly in the postwar period. The fiscal position in 2003 improved from the exceptionally poor performance of 2002, but the underlying fiscal effort was weak relative to the 2003 budget.